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XI.

the greater part of Europe too the expence of CHAP. land-carriage increases very much both the real and nominal price of most manufactures. It cofts more labour, and therefore more money, to bring first the materials, and afterwards the complete manufacture to market. In China and In

dostan the extent and variety of inland navigations fave the greater part of this labour, and

confequently of this money, and thereby reduce still lower both the real and the nominal price of the greater part of their manufactures. Upon all these accounts, the precious metals are a commodity which it always has been, and still continues to be, extremely advantageous to carry from Europe to India. There is scarce any commodity which brings a better price there; or which, in proportion to the quantity of labour and commodities which it costs in Europe, will purchase or command a greater quantity of labour and commodities in India. It is more advantageous too to carry filver thither than gold; because in China, and the greater part of the other markets of India, the proportion between fine filver and fine gold is but as ten, or at most as twelve, to one; whereas in Europe it is as fourteen or fifteen to one. In China, and the greater part of the other markets of India, ten, or at most twelve, ounces of filver will purchase an ounce of gold: in Europe it requires from fourtéen to fifteen ounces. In the cargoes, therefore, of the greater part of European ships which fail to India, filver has generally been one of the most valuable articles. It is the most valuable article

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BOOK in the Acapulco ships which fail to Manilla. The filver of the new continent feems in this manner to be one of the principal commodities by which the commerce between the two extremities of the old one is carried on, and it is by means of it, in a great measure, that those distant parts of the world are connected with one another.

In order to fupply so very widely extended a market, the quantity of filver annually brought from the mines must not only be fufficient to support that continual increase both of coin and of plate which is required in all thriving countries; but to repair that continual waste and consumption of filver which takes place in all countries where that metal is ufed.

The continual confumption of the precious metals in coin by wearing, and in plate both by wearing and cleaning, is very sensible; and in commodities of which the use is so very widely extended, would alone require a very great annual fupply. The confumption of those metals in some particular manufactures, though it may not perhaps be greater upon the whole than this gradual confumption, is, however, much more sensible, as it is much more, rapid. In the manufactures of Birmingham alone, the quantity of gold and filver annually employed in gilding and plating, and thereby disqualified from ever afterwards appearing in the shape of those metals, is said to amount to more than fifty thousand pounds sterling. We may from thence form fome notion how great must be the annual consumption in all the different parts of the world, either

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either in manufactures of the fame kind with CHAP those of Birmingham, or in laces, embroideries, gold and filver stuffs, the gilding of books, furniture, &c. A confiderable quantity too must be annually loft in transporting those metals from one place to another both by fea and by land. In the greater part of the governments of Afia, befides, the almost universal custom of concealing treasures in the bowels of the earth, of which the knowledge frequently dies with the person who makes the concealment, must ocсаfion the lofs of a still greater quantity.

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The quantity of gold and filver imported at both Cadiz and Lifbon (including not only what comes under register, but what may be supposed to be smuggled) amounts, according to the best accounts, to about fix millions sterling a year.

According to Mr. Meggens * the annual importation of the precious metals into Spain, at an average of fix years; viz. from 1748 to 1753, both inclufive; and into Portugal, at an average of seven years; viz. from 1747 to 1753, both inclufive; amounted in filver to 1,101,107 pounds weight; and in gold to 49,940 pounds weight. The filver at fixty-two shillings the pound Troy, amounts to 3,413,4311. 108. sterling. The gold, at forty-four guineas and a

* Postscript to the Universal Merchant, p. 15 and 16. This Postscript was not printed till 1756, three years after the publication of the book, which has never had a second edition. The postscript is, therefore, to be found in few copies: It corrects several errors in the book.

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воок half the pound Troy, amounts to 2,333,4461. 148. sterling. Both together amount to 5,746,8781. 4s. sterling. The account of what was imported under register, he affures us is exact. He gives us the detail of the particular places from which the gold and filver were brought, and of the particular quantity of each metal, which, according to the register, each of them afforded. He makes an allowance too for the quantity of each metal which he supposes may have been smuggled. The great experience of this judicious merchant renders his opinion of confiderable weight.

According to the eloquent and, fometimes, well-informed author of the Philofophical and Political History of the Establishment of the Europeans in the two Indies, the annual importation of registered gold and filver into Spain, at an average of eleven years; viz. from 1754 to 1764, both inclusive; amounted to 13,984,185 piastres of ten reals. On account of what may have been smuggled, however, the whole annual importation, he supposes, may have amounted to feventeen millions of piastres; which, at 4s. 6d. the piastre, is equal to 3,825,000l. sterling. He gives the detail too of the particular places from which the gold and filver were brought, and of the particular quantities of each metal which, according to the regifter, each of them afforded. He informs us too, that if we were to judge of the quantity of gold annually imported from the Brazils into Lisbon by the amount of the tax paid to the King of Portugal, which it feems is one-fifth of the standard metal, we might value it at eighteen millions of cruzadoes, or forty-five millions of French livres, equal to about two millions sterling. On account of what may have been smuggled, however, we may fafely, he fays, add to this sum an eighth more, or 250,0001. sterling, so that the whole will amount to 2,250,000l. sterling. According to this account, therefore, the whole annual importation of the precious metals into both Spain and Portugal, amounts to about 6,075,000l. fterling.

Several other very well authenticated, though manufcript, accounts, I have been affured, agree, in making this whole annual importation amount at an average to about fix millions sterling; fometimes a little more, sometimes a little less.

The annual importation of the precious metals into Cadiz and Lisbon, indeed, is not equal to the whole annual produce of the mines of America. Some part is fent annually by the Acapulco ships to Manilla; fome part is employed in the contraband trade which the Spanish colonies carry on with those of other European nations; and fome part, no doubt, remains in the country. The mines of America, befides, are by no means the only gold and filver mines in the world. They are, however, by far the most abundant. The produce of all the other mines which are known, is infignificant, it is acknowledged, in comparison with theirs; and the far greater part of their produce, it is likewife acknowledged, is annually imported into Cadiz and

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CHAP.
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